Time Taken For NEFT Transfer

NEFT Time

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What are NEFT Transfer Timings?

Most banks today provide NEFT (National Electronic Funds Transfer) to facilitate debit or credit card payments from one bank account to another at your convenience. However, as per the Reserve Bank of India (RBI) regulations, all such transactions must be carried out within the set NEFT time schedule. As per the revised guidelines that came into effect in December 2019, the new NEFT timings for online transactions stretch for 24 hours, seven days a week, including Saturdays, Sundays, and bank holidays. Once the branch banking hours are over, the NEFT transactions are carried out automatically using the ‘Straight Through Processing (STP)’ mode.

What are NEFT Holidays?

Earlier, the NEFT settlement time was limited to bank working days, i.e. from Monday to Friday between 8:00 AM and 6:30 PM. So, if you made a transaction on a Saturday, Sunday, or any other bank holiday, the NEFT clearance time would stretch up to 8:00 AM on the next working day. Post December 2019, however, the NEFT time limit was extended to 24 hours across the week. As a result, there are no NEFT holidays and the NEFT timings on Saturday as well as any other holiday are the same as that of a bank working day.

NEFT Transaction Time for Top Banks

Though transaction requests can be placed throughout the NEFT service time of 24 hours, the processing occurs in batches. The NEFT batch timings are segregated into 30 minutes each; as a result, there are 48 half-hourly batches daily. The NEFT clearance time for the first batch of transactions commences at 12:30 AM, while the last batch is processed at 12:00 AM.

Apart from this, banks, in some cases, have also dedicated NEFT transfer timings depending on the NEFT transfer limit, mode, or day of transfer. To understand this better, let us take a look at the NEFT time schedule for some of the popular banks in the country.

1) HDFC Bank NEFT Payment Time

Online NEFT transfer as per defined limit against the account
(maximum up to ₹50 lakh) on an RBI working day

NEFT Transfer Time Limit:

7:00 AM to 7:00 PM

 

Online NEFT transfer of ₹2 lakh per transaction
(maximum up to ₹50 lakh) on holidays (including 2nd and 4th Saturdays)

Standard NEFT Transfer Time:

7:00 AM to 7:00 PM

Offline NEFT fund transfer at branches (no limit)

NEFT Bank Transfer Time:

Branch working hours

2) Axis Bank NEFT Timings

NEFT transfer as per the defined limit against the account

NEFT Credit Time:

8:00 AM to 4.30 PM

Less than ₹5 crore

NEFT Clearing Time:

4:30 PM to 6:30 PM

Up to ₹1 crore

NEFT Transaction Time:

6.30 PM to 8:00 AM

(including 2nd and 4th Saturdays and bank holidays)

3) Citibank NEFT Fund Transfer Time

NEFT transfer via Citibank Online from Monday to Friday and working Saturdays

NEFT Credit Time:

8:00 AM to 7:00 PM

NEFT fund transfer via mobile banking from Monday to Friday and working Saturdays

NEFT Amount Transfer Time:

8:00 AM to 7:00 PM

 

NEFT transactions on Sundays and Bank Holidays

NEFT Settlement Time:

7:00 PM to 8:00 AM on the next working day

 

Frequently Asked Questions

  • ✔️Is there a time limit on NEFT transfers?

    The current online NEFT timings stretch for 24 hours, seven days a week. As a result, you can request the transfer of money via NEFT at any time of the day without any hassle. However, banks, in some cases, may have dedicated NEFT transfer timings depending on the amount, mode, and day of transfer. You can check the NEFT money transfer time as specified by your bank and initiate the payment request accordingly. 

  • ✔️How much time does it take to transfer money using NEFT?

    There are 48 half-hourly batches every day for clearing NEFT payments in a quick and efficient way. As a result, the time required for NEFT transfer is usually a few minutes.

  • ✔️How much time does it take to transfer money using NEFT on a Sunday?

    The NEFT timings on Sunday are the same as that of any bank working day. The NEFT batches are processed and cleared every half an hour.